Quote:
Originally Posted by Coup
I don't see a problem with ditching the worthless dollar, that's backed by nothing for bitcoin, which is backed by more than nothing, zero fraud protection, and ran by some of the most hilariously inept people on the face of the earth.
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At the moment in its infant ways it's showing to be very durable. Major exchange hacked, user db leaked, exchange down for a week; every one thought it will be major crash and sell-off. In reality it took small dip and once exchange opened again it is now back on track.
Earlier it gains wider adaption, better it will be as another alternative and vehicle for trade. If something big to happen metals would be more difficult to trade with on day to day basis especially in large distances; metals are expensive to transport and store. bitcoin is secure and efficient transit network for any amount of value. it is digital gold standard (newly born).
Surely going back to having currency backed by gold seems nice. But how it is realistically achievable on global level? You know damn well if gold won't be injected in the currency itself but only virtually represent some gold value - history will repeat itself again and we will end up in the same situation we were and are now at in the future.